Section 54Sec./Art. 54

Tourism Promotions Trust. - Within one hundred and twenty (120) days from the effectivity of this Ad, an audit shall be conducted by the Commission on Audit to determine the true value of the assets and liabilities of the PTA. After such audit, the TIEZA and the Department, in coordination with the Privatization Council, shall determine which assets shall be put up for sale or lease: Provided, That concerned LGUs interested to manage and operate said assets shall have the right of first refusal.

The TIEZA and the Department shall take into consideration the importance of maintaining and preserving the PTA assets which may already be considered cultural treasures and heritage sites, such as the Banaue Hotel and similar assets, which shall not be sold or in any way disposed of and shall be placed under the ownership of the TIEZA for their continued maintenance.

The Tourism Promotions Trust shall hereby be established from the proceeds of the sale or lease of the assets of the PTA. The trust shall be managed by a government - owned bank or financial institution selected by the Tourism Board. Said bank or institution shall report the status and profitability of the trust on a quarterly basis to the Tourism Board, the Secretary, and the Joint Congressional Tourism Oversight Committee created under this Act.